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Guidance Note On Internal Financial Controls

Published on Tue, Sep 15,2015 | 20:14, Updated at Tue, Sep 15 at 20:14Source : 

The Companies Act, 2013 has introduced many new reporting requirements for the statutory auditors of companies. One of these requirements is given under the Section 143(3)(i) of the Act requiring the statutory auditor to state in his audit report whether the company has adequate internal financial controls system in place and the operating effectiveness of such controls.

The section has cast onerous responsibilities on the statutory auditors because reporting on internal financial controls is not covered under the Standards on Auditing issued by the ICAI and also because of the fact that no framework has been prescribed under the Companies Act, 2013 and the Rules thereunder for the evaluation of internal financial controls. Therefore, a need was felt for providing appropriate guidance on this section so that the requirements and expectations of the section can be fulfilled in letter and spirit by the auditors.

Therefore the ICAI has issued a Guidance Note on Audit of Internal Financial Controls Over Financial Reporting. The Note is attached here…
Attachments : Internal Financial Controls - ICAI Guidance Note - September 2015.pdf

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